Dhanalakshmi Bank Car Loan

Dhanalakshmi Bank Car Loan Interest Rates

The above mentioned interest rates are subject to change as per the revised GST rates.

Overview of Dhanalakshmi Bank Car Loan

Dhanalakshmi Bank Ltd was conceived in 1927 and currently has 280 branches. It is headquartered at Thrissur city and offers products and services to meet all your financial needs; including credit cards, mortgage, investment banking etc. In the loans category, car loans is one of the options which is provided at competitive interest rates and flexible repayment options. Customers can opt for new or used car loans in a quick and hassle free process.

Why Choose Dhanalakshmi Bank Car Loan?

It's really no wonder that customers keep coming back to Dhanalakshmi for all their financial needs. When you choose Dhanalakshmi Bank for a car loan, you get to enjoy the many benefits like hassle-free documentation, flexible repayment etc. You can also get upto 95% financing for the car of your dreams.

Features of Car Loan from Dhanalakshmi Bank

Flexible Repayment Tenure

The loan amount and interest charges can be repaid in up to 84 EMIs. An unique feature from Andhra bank is the option to also make the repayment in quarterly/half yearly/yearly basis. This kind of flexibility ensures that you get to choose a term of your choice, as per your budgeting requirement.

Simple Documentation

With just basic documents to meet the KYC guidelines along with paperwork relating to the proposed car, the application process is largely hassle free.

Funding

1. For a new car: 95% of the Ex showroom cost (or) 85% of the On road cost (Ex showroom cost+ Registration + Insurance + Road tax)
2. For a used car: 60% of the value of the vehicle, as valued by the approved representative of the Bank

Dhanalakshmi Bank Car Loan Interest Rates

Dhanlaxmi Bank has set the MCLR at a benchmark rate which is effective from 7th May, 2016, for the Dhanlaxmi Bank Car Loan. New borrowers will be levied interest based on this system. Existing Dhanlaxmi Bank car loan borrowers have the option to continue with the interest based on the Base Rate or to migrate to the new MCLR lending rate system. MCLR rates are subject to change from the next reset date, as per RBI regulations. The tenure based MCLR rate is as follows:

The existing Dhanlaxmi Bank Car Loan Base Rate = 11.40% per annum.

Eligibility Criteria for a Car Loan from Dhanalakshmi Bank

Salaried employee:

1. Applicant must be atleast 21 years of age
2. Maximum age of Applicant at loan maturity is 60 years
3. Should have documents proving that the applicant has a minimum annual income of Rs. 1,20,000/-
4. Must be employed for at least one year in current employment and should have at least two years of work experience in total.

Self-Employed / Professionals:

1. Applicant must be atleast 21 years of age
2. Maximum age of Applicant at loan maturity is 65 years
3. Should have documents proving that the applicant has a minimum annual income of Rs. 1,20,000/-
4. Should be in the same business for a minimum of three years

Private Limited Company and Public Limited Company:

1. Should have documents proving that the applicant has a minimum annual income of Rs. 1,20,000/-
2. Should be in the same business for a minimum of three years

How to Calculate EMI for a Dhanalakshmi Bank Car Loan

It is a good idea to figure out the EMI before you sign your name on the cheque so you will have an idea of what exactly you are getting into. It also helps in choosing the best terms. It is easy to calculate the EMI using the car loan EMI calculator under the Finance Tools section in Bankbazaar.com.

First you should have at hand the following details: the loan amount, Rate of interest, proposed tenure and processing fee (if any).

• Go to Slider 1 to choose the Loan amount. Go to slider 2 to choose the tenure.
• In the following fields enter the interest rate and processing fee.
• Click on the "Calculate" button to get a detailed result which includes the EMI amount and Amortisation table. You can use these key details to make your decisions.

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